Hawkley makes negative ASX debut

Hawkley Oil and Gas
Ltd has made a negative debut on the Australian stock exchange after its reverse takeover of former biotechnology company Incitive Ltd and a capital raising.

Hawkley shares fetched 19¢ at 12.54pm, down half a cent from its opening price of 19.5¢.

The company recently raised $5.5 million from the issue of 27.5 million shares at a price of 20¢ each.

Hawkley has two licences in Ukraine's Dnieper-Donets gas basin, where it aims to bring its first gas-condensate production well on stream this year.

"These production assets will provide a strong platform for Hawkley's next growth steps in central and eastern Europe, where it is also currently evaluating a number of corporate deals, further licence applications and investigating the potential for unconventional gas plays in Ukraine," the company said in a statement.